Killam Apartment REIT has completed new apartment developments in Nova Scotia and Ontario.
Killam announced Friday that it finished construction on the Governor, a 12-unit luxury apartment located in downtown Halifax, during the third quarter The development includes 3,500 square feet of ground-floor commercial space.
The Governor is currently 42% leased.
Halifax-based Killam also completed the 169-unit Civic 66 development in Kitchener, Ont. The Civic is 54% leased and includes 3,000 sf of commercial space.
The two projects had a combined development cost of $94.1 million.
Killam has a 139-unit apartment project, known as the Carrick, under development in Waterloo, Ont. Construction is expected to be completed in the second half of 2025 at an expected cost of $83.5 million.
The REIT said it has a 10% stake in the second phase of the Nolan Hill development in northwest Calgary, which is slated for completion in December 2023.
“Killam has a commitment to purchase 100% of the development for $65.0 million,” said the REIT in a news release accompanying its third quarter earnings report.
Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate.
Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s.
In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star.
Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.